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LONG-RUN EQUILIBRIUM CONDITIONS: The long-run equilibrium of perfectly competitive industry generates six specific equilibrium conditions, including (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).
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NATIONALIZATION The process in which a national government takes over the ownership of a private business or industry, usually, but not always, in conjunction with a major revolution that establishes a communist or socialist command economy.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"The tragedy of life is not so much what men suffer, but rather what they miss. " -- Thomas Carlyle, Historian
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KLIC
Kullback-Leibler Information Criterion
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